## **Trustees Report 2022**
After the dislocation to museum activities caused by the pandemic and its aftermath 2022 saw the first full year of museum activity since 2019. Volunteers returned to the museum and a number of new members joined the volunteer team.
On the administration front the Museum put considerable effort into its application to the Arts Council for Museum Re-Accreditation. ‘Accreditation’ is the benchmark for a well-run Museum and its standards apply to UK museums and galleries. It defines good practice and identifies agreed standards, thereby encouraging development. It is a baseline quality standard that helps guide museums to be the best they can be, for current and future users.
While the standards apply to all museums in the UK, from large professionallyrun museums to small voluntary museums such as Rocks by Rail, it is not a “one size fits all” model. The standards are scalable to the nature of the museum, but the basic principles apply to all. Accreditation opens up exciting funding opportunities and gives access to professional advice and support. It also gives confidence to donors and sponsors who may wish to support the museum in preserving heritage and inspiring future generations. The on-line application was submitted in March 2022, as part a process much delayed by the pandemic.
Having dealt with a number of requests for additional information required by the assessor on 6 October 2022 the Trustees and Members of the volunteer run Rocks by Rail – the Living Ironstone Museum were delighted to receive confirmation from the Arts Council that their application for Re-Accreditation had been successful and had been awarded Full Accreditation, thus maintaining its current status.
As part of its on-going programme of volunteer staff development museum representatives took part in the MDEM organised training on the topic of succession planning for Museum Trustees. The museum is putting that learning into practice and two new Trustees were recruited during 2022 ,including our first female Trustee. This work will continue into 2023.
During 2022 the museum was able to deliver 20 railway operating days plus a special conflict remembrance event which encompassed the 40[th] anniversary of the Falklands Conflict.
The quarry operating days proved to be the most lucrative events throughout the year and generally the steam events were also better patronised although some steam days were lost due to a self-imposed steam ban to counter fire risk due to the severe drought and soaring temperatures .Visitor attendances improved generally over the season which suggests that the revised advertising campaign was increasingly effective. The later Driver for a Fiver events showed the best results of that event so far.
In summary 2022 was the best year we have had for some time. It is notable that much of our income has come via the credit card machine, which was introduced following the pandemic. It is noticeable that in previous years café income was very similar to admissions income but this year the admissions income has increased markedly as an overall percentage. Looking at operations of a similar size to ours suggests that our admission prices are about right but research evidence suggest that our café prices are probably the cheapest going so probably room for some increases next year but more research is probably justified as the economy contracts .
The decision to only open on non-operating Sundays in July and August seems well justified. The results from the viewing only open days on advertised Tuesdays and Thursdays were very pleasing and justified staffing the café at least on the Thursdays
The museum designed a new display to mark the 50[th] Anniversary of the closure of Market Overton Ironstone quarries, Rutland in 1972 and two later preservation attempts. To supplement ten panels of text and photographs a new scale model diorama of the quarry also went on public display.
Steady progress continued with the conservation of three railway exhibits whist restoration work progressed on one steam locomotive with the objective of returning it to use in 2023. A restored historic quarry diesel loco , on loan to the museum, was successfully commissioned during a public open day in the summer.
Work is ongoing with repairs and refurbishment of a small wooden building to be used as a display location for equipment and artefacts associated with the operation of a wagon weighbridge on a quarry railway. It is hoped to complete this new project in 2023 when it will be opened to museum visitors.
The museum continues its regular and essential work on grounds maintenance for the benefit of museum members and museum visitors. RbR
**Company registration number: 05409096**
**Rutland Railway Museum - Registered Charity No: 1115462 Trading as Rocks by Rail: the living ironstone museum Company limited by guarantee**
## **Unaudited financial statements**
**31 March 2022**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Contents**
||**Page**|
|---|---|
|Directors and other information|**1**|
|Directors report|**2**|
|Accountants report|**3**|
|Statement of comprehensive income|**4**|
|Statement of financial position|**5 - 6**|
|Statement of changes in equity|**7**|
|Notes to the financial statements|**8 - 10**|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Directors and other information**
|**Directors**|Mr D M Atkinson||
|---|---|---|
||Ms C Townhill|(Appointed 21 July 2022)|
||Mr J Jarvill|(Resigned 20 March 2022)|
||Mr I Reeve||
||Mr R K Bickers|(Resigned 20 March 2022)|
||Mr B F Dodd||
||Mr I Smeeton||
||Mr C Wood|(Appointed 21 July 2022)|
|**Secretary**|Mrs Sophie Ann Bruton||
|**Company number**|05409096||
|**Registered office**|4 Main Street||
||Stanford on Soar||
||Loughborough||
||Leicestershire||
||LE12 5PY||
|**Business address**|Cottesmore Iron Ore Mines||
||Siding||
||Ashwell Road||
||Cottesmore||
||Oakham, Rutland||
||LE15 7BX||
|**Accountants**|Philip Daulby Financial||
||Management Limited||
||20 High Street East||
||Uppingham||
||Rutland||
||LE15 9PZ||
|**Bankers**|CAF Bank||
||25 Kings Hill Avenue||
||Kings Hill||
||West Malling||
||Kent ME19 4JQ||
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Directors report Year ended 31 March 2022**
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022.
## **Directors**
The directors who served the company during the year were as follows:
Mr D M Atkinson Mr J Jarvill (Resigned 20 March 2022) Mr I Reeve Mr R K Bickers (Resigned 20 March 2022) Mr B F Dodd Mr I Smeeton
## **Small company provisions**
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 December 2022 and signed on behalf of the board by:
Mr D M Atkinson Director
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Rutland Railway Museum - Registered Charity No: 1115462 Year ended 31 March 2022**
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2022 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Philip Daulby Financial Management Limited
20 High Street East Uppingham Rutland LE15 9PZ
15 December 2022
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Statement of comprehensive income Year ended 31 March 2022**
|||**2022**|2021|
|---|---|---|---|
||**Note**|**£**|£|
|**Turnover**||23,122|8,939|
|Cost of sales||)
(17,031|)
(8,040|
|**Gross profit**||6,091|899|
|Administrative expenses||)
(31,311|)
(15,675|
|Other operating income||20,224|21,532|
|**Operating (loss)/profit**||)
(4,996|6,756|
|**(Loss)/profit before taxation**|**5**|)
(4,996|6,756|
|Tax on (loss)/profit||-|-|
|**(Loss)/profit for the financial year and total**||||
|**comprehensive income**||)
(4,996|6,756|
All the activities of the company are from continuing operations.
**The notes on pages 8 to 10 form part of these financial statements.**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
**Statement of financial position 31 March 2022**
|**Note**
**Fixed assets**
Tangible assets
**6**
**Current assets**
Debtors
**7**
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
**8**
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Capital and reserves**
Profit and loss account
**Members funds**|**2022**
**£**
**£**
197,638
197,638
585
10,374
10,959
)
(4,465
6,494
204,132
204,132
204,132
204,132|2021
£
£
196,687
196,687
1,415
15,562
16,977
)
(4,535
12,442
209,129
209,129
209,129
209,129|2021
£
£
196,687
196,687
1,415
15,562
16,977
)
(4,535
12,442
209,129
209,129
209,129
209,129|
|---|---|---|---|
||||209,129|
||||209,129|
||||209,129|
||||209,129|
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
**The notes on pages 8 to 10 form part of these financial statements.**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Statement of financial position (continued) 31 March 2022**
These financial statements were approved by the board of directors and authorised for issue on 15 December 2022, and are signed on behalf of the board by:
Mr D M Atkinson Director
Company registration number: 05409096
**The notes on pages 8 to 10 form part of these financial statements.**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Statement of changes in equity Year ended 31 March 2022**
|Profit and
loss
account
£
**At 1 April 2020**
202,373
(Loss)/profit for the year
6,756
**Total comprehensive income for the year**
6,756
**At 31 March 2021 and 1 April 2021**
209,128
(Loss)/profit for the year
)
(4,996
**Total comprehensive income for the year**
)
(4,996
**At 31 March 2022**
204,132|**Total**
**£**
202,373
6,756
6,756
209,128
)
(4,996
)
(4,996
204,132|
|---|---|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Notes to the financial statements Year ended 31 March 2022**
## **1. General information**
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is 4 Main Street, Stanford on Soar, Loughborough, Leicestershire, LE12 5PY.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Turnover**
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
## **Tangible assets**
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Notes to the financial statements (continued) Year ended 31 March 2022**
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|Freehold property|-|Not depreciated|
|---|---|---|
|Plant and machinery|-|25%
straight line|
|Heritage Assets|-|No depreciation|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
## **Government grants**
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
## **4. Limited by guarantee**
Private Limited Company by guarantee without share capital use of 'Limited' exemption
## **5. Loss/profit before taxation**
Loss/profit before taxation is stated after charging/(crediting):
||**2022**|2021|
|---|---|---|
||**£**|£|
|Depreciation of tangible assets|2,999|2,729|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Notes to the financial statements (continued) Year ended 31 March 2022**
## **6. Tangible assets**
|Freehold
property
Plant and
machinery
£
£
**Cost**
At 1 April 2021
186,454
11,630
Additions
-
1,450
**At 31 March 2022**
186,454
13,080
**Depreciation**
At 1 April 2021
-
3,897
Charge for the year
-
2,999
**At 31 March 2022**
-
6,896
**Carrying amount**
**At 31 March 2022**
186,454
6,184
At 31 March 2021
186,454
7,733
**7.**
**Debtors**
Trade debtors
**8.**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors|Heritage
Assets
£
2,500
2,500
5,000
-
-
-
5,000
2,500
**2022**
**£**
585
**2022**
**£**
643
3,822
4,465|**Total**
**£**
200,584
3,950|
|---|---|---|
|||204,534|
|||3,897
2,999|
|||6,896|
|||197,638|
|||196,687|
|||2021
£
1,415
2021
£
2,015
2,520
4,535|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
**The following pages do not form part of the statutory accounts.**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Detailed income statement Year ended 31 March 2022**
|**Turnover**
Rolling stock and engineering sales
Donations, Gift Aid and memberships
Private owner agreements/special events
Entrance fees, shop and cafe receipts
**Cost of sales**
Shop and catering costs
Coal, oil & diesel
Spares, servicing and engineering costs
**Gross profit**
**Gross profit percentage**
**Overheads**
Administrative expenses
**Other operating income**
Local authority government grants - Covid
Arts Council and other grant funding
**Operating (loss)/profit**
**Operating (loss)/profit percentage**
**(Loss)/profit before taxation**|**2022**
**£**
2,707
10,640
1,490
8,285
23,122
)
(778
)
(3,159
)
(13,094
)
(17,031
6,091
%
26.3
)
(31,311
)
(31,311
10,667
9,557
20,224
)
(4,996
%
21.6
)
(4,996|2021
£
304
6,700
1,935
-
8,939
)
(34
)
(2,734
)
(5,272
)
(8,040
899
%
10.1
)
(15,675
)
(15,675
21,532
-
21,532
6,756
%
75.6
6,756|
|---|---|---|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Detailed income statement (continued) Year ended 31 March 2022**
|**Overheads**
**Administrative expenses**
Insurance
Curatorial items
Light and heat
Grounds/ premises repairs & maintenance
Printing, postage and stationery
Advertising
Telephone
Legal and professional
Health & safety training
Accountancy fees
Bank charges
Credit card charges
Subscriptions
Depreciation of tangible assets|**2022**
**£**
)
(5,752
)
(100
)
(2,042
)
(12,919
-
)
(3,858
)
(535
)
(60
)
(1,440
)
(1,302
)
(160
)
(144
-
)
(2,999
)
(31,311|2021
£
)
(6,863
-
)
(1,728
)
(741
)
(56
)
(1,163
)
(499
)
(13
-
)
(1,770
)
(85
-
)
(28
)
(2,729
)
(15,675|
|---|---|---|
**Company registration number: 05409096**
**Rutland Railway Museum - Registered Charity No: 1115462 Trading as Rocks by Rail: the living ironstone museum Company limited by guarantee**
## **Unaudited financial statements**
**31 March 2022**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Contents**
||**Page**|
|---|---|
|Directors and other information|**1**|
|Directors report|**2**|
|Accountants report|**3**|
|Statement of comprehensive income|**4**|
|Statement of financial position|**5 - 6**|
|Statement of changes in equity|**7**|
|Notes to the financial statements|**8 - 10**|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Directors and other information**
|**Directors**|Mr D M Atkinson||
|---|---|---|
||Ms C Townhill|(Appointed 21 July 2022)|
||Mr J Jarvill|(Resigned 20 March 2022)|
||Mr I Reeve||
||Mr R K Bickers|(Resigned 20 March 2022)|
||Mr B F Dodd||
||Mr I Smeeton||
||Mr C Wood|(Appointed 21 July 2022)|
|**Secretary**|Mrs Sophie Ann Bruton||
|**Company number**|05409096||
|**Registered office**|4 Main Street||
||Stanford on Soar||
||Loughborough||
||Leicestershire||
||LE12 5PY||
|**Business address**|Cottesmore Iron Ore Mines||
||Siding||
||Ashwell Road||
||Cottesmore||
||Oakham, Rutland||
||LE15 7BX||
|**Accountants**|Philip Daulby Financial||
||Management Limited||
||20 High Street East||
||Uppingham||
||Rutland||
||LE15 9PZ||
|**Bankers**|CAF Bank||
||25 Kings Hill Avenue||
||Kings Hill||
||West Malling||
||Kent ME19 4JQ||
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Directors report Year ended 31 March 2022**
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2022.
## **Directors**
The directors who served the company during the year were as follows:
Mr D M Atkinson Mr J Jarvill (Resigned 20 March 2022) Mr I Reeve Mr R K Bickers (Resigned 20 March 2022) Mr B F Dodd Mr I Smeeton
## **Small company provisions**
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 December 2022 and signed on behalf of the board by:
Mr D M Atkinson Director
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Rutland Railway Museum - Registered Charity No: 1115462 Year ended 31 March 2022**
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2022 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Philip Daulby Financial Management Limited
20 High Street East Uppingham Rutland LE15 9PZ
15 December 2022
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Statement of comprehensive income Year ended 31 March 2022**
|||**2022**|2021|
|---|---|---|---|
||**Note**|**£**|£|
|**Turnover**||23,122|8,939|
|Cost of sales||)
(17,031|)
(8,040|
|**Gross profit**||6,091|899|
|Administrative expenses||)
(31,311|)
(15,675|
|Other operating income||20,224|21,532|
|**Operating (loss)/profit**||)
(4,996|6,756|
|**(Loss)/profit before taxation**|**5**|)
(4,996|6,756|
|Tax on (loss)/profit||-|-|
|**(Loss)/profit for the financial year and total**||||
|**comprehensive income**||)
(4,996|6,756|
All the activities of the company are from continuing operations.
**The notes on pages 8 to 10 form part of these financial statements.**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
**Statement of financial position 31 March 2022**
|**Note**
**Fixed assets**
Tangible assets
**6**
**Current assets**
Debtors
**7**
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
**8**
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Capital and reserves**
Profit and loss account
**Members funds**|**2022**
**£**
**£**
197,638
197,638
585
10,374
10,959
)
(4,465
6,494
204,132
204,132
204,132
204,132|2021
£
£
196,687
196,687
1,415
15,562
16,977
)
(4,535
12,442
209,129
209,129
209,129
209,129|2021
£
£
196,687
196,687
1,415
15,562
16,977
)
(4,535
12,442
209,129
209,129
209,129
209,129|
|---|---|---|---|
||||209,129|
||||209,129|
||||209,129|
||||209,129|
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
**The notes on pages 8 to 10 form part of these financial statements.**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Statement of financial position (continued) 31 March 2022**
These financial statements were approved by the board of directors and authorised for issue on 15 December 2022, and are signed on behalf of the board by:
Mr D M Atkinson Director
Company registration number: 05409096
**The notes on pages 8 to 10 form part of these financial statements.**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Statement of changes in equity Year ended 31 March 2022**
|Profit and
loss
account
£
**At 1 April 2020**
202,373
(Loss)/profit for the year
6,756
**Total comprehensive income for the year**
6,756
**At 31 March 2021 and 1 April 2021**
209,128
(Loss)/profit for the year
)
(4,996
**Total comprehensive income for the year**
)
(4,996
**At 31 March 2022**
204,132|**Total**
**£**
202,373
6,756
6,756
209,128
)
(4,996
)
(4,996
204,132|
|---|---|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Notes to the financial statements Year ended 31 March 2022**
## **1. General information**
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is 4 Main Street, Stanford on Soar, Loughborough, Leicestershire, LE12 5PY.
## **2. Statement of compliance**
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Turnover**
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
## **Tangible assets**
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Notes to the financial statements (continued) Year ended 31 March 2022**
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|Freehold property|-|Not depreciated|
|---|---|---|
|Plant and machinery|-|25%
straight line|
|Heritage Assets|-|No depreciation|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
## **Government grants**
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
## **4. Limited by guarantee**
Private Limited Company by guarantee without share capital use of 'Limited' exemption
## **5. Loss/profit before taxation**
Loss/profit before taxation is stated after charging/(crediting):
||**2022**|2021|
|---|---|---|
||**£**|£|
|Depreciation of tangible assets|2,999|2,729|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Notes to the financial statements (continued) Year ended 31 March 2022**
## **6. Tangible assets**
|Freehold
property
Plant and
machinery
£
£
**Cost**
At 1 April 2021
186,454
11,630
Additions
-
1,450
**At 31 March 2022**
186,454
13,080
**Depreciation**
At 1 April 2021
-
3,897
Charge for the year
-
2,999
**At 31 March 2022**
-
6,896
**Carrying amount**
**At 31 March 2022**
186,454
6,184
At 31 March 2021
186,454
7,733
**7.**
**Debtors**
Trade debtors
**8.**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors|Heritage
Assets
£
2,500
2,500
5,000
-
-
-
5,000
2,500
**2022**
**£**
585
**2022**
**£**
643
3,822
4,465|**Total**
**£**
200,584
3,950|
|---|---|---|
|||204,534|
|||3,897
2,999|
|||6,896|
|||197,638|
|||196,687|
|||2021
£
1,415
2021
£
2,015
2,520
4,535|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
**The following pages do not form part of the statutory accounts.**
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Detailed income statement Year ended 31 March 2022**
|**Turnover**
Rolling stock and engineering sales
Donations, Gift Aid and memberships
Private owner agreements/special events
Entrance fees, shop and cafe receipts
**Cost of sales**
Shop and catering costs
Coal, oil & diesel
Spares, servicing and engineering costs
**Gross profit**
**Gross profit percentage**
**Overheads**
Administrative expenses
**Other operating income**
Local authority government grants - Covid
Arts Council and other grant funding
**Operating (loss)/profit**
**Operating (loss)/profit percentage**
**(Loss)/profit before taxation**|**2022**
**£**
2,707
10,640
1,490
8,285
23,122
)
(778
)
(3,159
)
(13,094
)
(17,031
6,091
%
26.3
)
(31,311
)
(31,311
10,667
9,557
20,224
)
(4,996
%
21.6
)
(4,996|2021
£
304
6,700
1,935
-
8,939
)
(34
)
(2,734
)
(5,272
)
(8,040
899
%
10.1
)
(15,675
)
(15,675
21,532
-
21,532
6,756
%
75.6
6,756|
|---|---|---|
## **Rutland Railway Museum - Registered Charity No: 1115462 Company limited by guarantee**
## **Detailed income statement (continued) Year ended 31 March 2022**
|**Overheads**
**Administrative expenses**
Insurance
Curatorial items
Light and heat
Grounds/ premises repairs & maintenance
Printing, postage and stationery
Advertising
Telephone
Legal and professional
Health & safety training
Accountancy fees
Bank charges
Credit card charges
Subscriptions
Depreciation of tangible assets|**2022**
**£**
)
(5,752
)
(100
)
(2,042
)
(12,919
-
)
(3,858
)
(535
)
(60
)
(1,440
)
(1,302
)
(160
)
(144
-
)
(2,999
)
(31,311|2021
£
)
(6,863
-
)
(1,728
)
(741
)
(56
)
(1,163
)
(499
)
(13
-
)
(1,770
)
(85
-
)
(28
)
(2,729
)
(15,675|
|---|---|---|